Nafooz Company pays a two percent credit card fee on all credit sales, and receives a cash
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Nafooz Company pays a two percent credit card fee on all credit sales, and receives a cash deposit immediately following each credit card transaction. If credit sales for the company total \($50,000\), what journal entry should be recorded to recognize the receipt of cash and the credit card fee expense?
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Related Book For
Financial & Managerial Accounting For Undergraduates
ISBN: 9781618533104
2nd Edition
Authors: Jason Wallace, James Nelson, Karen Christensen, Theodore Hobson, Scott L. Matthews
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